Stocks in Motion: Jarden
Auto parts supplier Magna International (MGA) fell 6% after providing a 2006 sales projection that trailed analysts' forecasts. The company expects 2006 sales of $22 billion to $23.3 billion, below the $24.2 billion that analysts are projecting. The average dollar content per vehicle is expected to be $750 to $780 in North America and $300 to $325 in Europe. Excluding items, the company expects earnings to rise over 2005 results. Shares were down $4.30 to $70.86.
Alliance Capital Holding (AC) rose 3.5% after projecting fourth-quarter earnings well above its prior forecast. The company expects to report earnings near or exceeding $1 a unit, up from its guidance of 75 cents to 90 cents a unit. Analysts had an average estimate for earnings of 84 cents a share. The holding company, which owns 32.2% of money manager Alliance Capital Management, attributed the better-than-expected results to a strong investment performance and higher performance fees. Alliance Capital Management's assets rose to $579 billion at the end of the quarter. The holding company's shares were up $2.09 to $61.96.
Shares of Wabtec (WAB) fell 1% after the company issued a lower-than-expected 2006 earnings forecast and said its considering restructuring. For 2005, the company, a maker of products for the rail industry, continues to expect earnings of $1.15 a share, which is below analysts' forecasts of $1.17 a share. For 2006, the company sees earnings of about $1.50 a share, below forecasts of $1.55 a share. The company said it is evaluating additional restructuring actions that, if implemented, would help management achieve its long-term goal to increase gross margin to at least 30%. Shares were trading down 23 cents to $27.80.
NYSE volume leaders included Lucent Technologies (LU), up 4 cents to $2.70; Corning (GLW), down 80 cents to $24.15; Elan (ELN), up 18 cents to $15.99; Pfizer (PFE), down 11 cents to $24.64; Ford (F), down 25 cents to $8.68; Advanced Micro Devices (AMD), up 99 cents to $37.26; Nokia (NOK), down 12 cents to $18.79; and General Electric (GE), down 31 cents to $35.12.Nasdaq volume leaders included Sirius Satellite Radio (SIRI), up 27 cents to $6.39; Cisco Systems (CSCO), down 23 cents to $19.17; Apple Computer (AAPL), up $2.32 to $86.22; Intel (INTC), up 20 cents to $26.34; Conexant Systems (CNXT), up 4 cents to $3.35; Microsoft (MSFT), down 22 cents to $27.07; Identix (IDNX), up $1.36 to $7.14; Applied Materials (AMAT), down 15 cents to $20.50; JDSU (JDSU), down 7 cents to $2.86; and Oracle (ORCL), up 1 cent to $12.61.
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